{"id":36737,"date":"2024-05-29T09:38:20","date_gmt":"2024-05-28T23:38:20","guid":{"rendered":"https:\/\/www.bitemagazine.com.au\/?p=36737"},"modified":"2024-05-29T09:38:20","modified_gmt":"2024-05-28T23:38:20","slug":"thinking-of-buying-a-dental-practice","status":"publish","type":"post","link":"https:\/\/www.bitemagazine.com.au\/thinking-of-buying-a-dental-practice\/","title":{"rendered":"Thinking of Buying a Dental Practice?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1024\" height=\"706\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO.jpg\" alt=\"specialist dental accounting\" class=\"wp-image-36738 lazyload\" data-srcset=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO.jpg 1024w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-300x207.jpg 300w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-768x530.jpg 768w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-609x420.jpg 609w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-150x103.jpg 150w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-218x150.jpg 218w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-436x300.jpg 436w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-600x414.jpg 600w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-696x480.jpg 696w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-100x70.jpg 100w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><noscript><img decoding=\"async\" width=\"1024\" height=\"706\" src=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO.jpg\" alt=\"specialist dental accounting\" class=\"wp-image-36738 lazyload\" srcset=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO.jpg 1024w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-300x207.jpg 300w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-768x530.jpg 768w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-609x420.jpg 609w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-150x103.jpg 150w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-218x150.jpg 218w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-436x300.jpg 436w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-600x414.jpg 600w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-696x480.jpg 696w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/05\/PHOTO-100x70.jpg 100w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n\n\n\n<p><em>This article is sponsored content brought to you by Amalgam Advisors.<\/em><\/p>\n\n\n\n<p>It is a\u00a0common occurrence for a dentist to experience that light bulb moment of \u201cWouldn\u2019t it be nice\u00a0if I could own my own dental practice.\u201d\u00a0 At this point, you need to start getting the right advice.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-specialist-dental-accounting-team-is-essential-when-making-significant-financial-decisions-to-avoid-costly-mistakes-down-the-line\">A specialist dental accounting team is essential when making significant financial decisions, to avoid costly mistakes down the line.<\/h3>\n\n\n\n<p>Amalgam Advisors are armed with the experience and knowledge needed to ensure a smooth transition to ownership at a time that is typically stressful, and have considerable expertise in dealing with the financial and legal firms also involved in this process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-with-over-15-years-of-experience-helping-dentists-all-over-australia-become-business-owners-we-have-the-answers-dentists-are-looking-for\">With over 15 years of experience helping dentists all over Australia become business owners, we have the answers dentists are looking for.<\/h3>\n\n\n\n<p>Amalgam Advisors provide valuable advice, support, and attention to detail, quickly identifying issues that matter, allowing the purchasing dentists the confidence they need to follow their dreams. We provide all the services required when buying a dental practice.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Business valuation and due diligence<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Review of the sale contract\u00a0and advice on the most appropriate structure for trading<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Assist with the formal offer for the practice purchase<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Set up your new trading entity including liaising with your legal advisor and\u00a0financers<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Application for all necessary ATO registrations<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Set up the bookkeeping software to get you up and running on settlement day<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-buying-process-timeline-what-happens-when\">The buying process timeline \u2013 what happens when?<\/h3>\n\n\n\n<p><strong>1. <\/strong>Find a practice<\/p>\n\n\n\n<p><strong>2. <\/strong>Receive financial information and have it reviewed by your accountant<\/p>\n\n\n\n<p><strong>3. <\/strong>Visit practice and discuss the business with the vendor<\/p>\n\n\n\n<p><strong>4.<\/strong> Discuss valuation of the practice with your accountant and agree on an offer price<\/p>\n\n\n\n<p><strong>5.<\/strong> Organise loans with your financial institution<\/p>\n\n\n\n<p><strong>6.<\/strong> Heads of Agreement is signed, and deposit paid<\/p>\n\n\n\n<p><strong>7. <\/strong>Accountant sets up corporate structures and trading entities<\/p>\n\n\n\n<p><strong>8. <\/strong>Practice is taken off the market<\/p>\n\n\n\n<p><strong>9. <\/strong>Sale contract is signed<\/p>\n\n\n\n<p><strong>10. <\/strong>Engage a tax accountant who understands your business<\/p>\n\n\n\n<p>Having an industry expert on your side can help you avoid some of the many pitfalls you may encounter when purchasing a practice, for example:<\/p>\n\n\n\n<p><strong><em>Is your entity setup correctly? <\/em><\/strong>Trading vs Services Trust or Incorporated? Once set up this can be difficult and expensive to change later down the track. Your practice should be set up with an exit strategy for disposal or cater for expansion to further surgeries.<\/p>\n\n\n\n<p><strong><em>Are your Service and Facility Agreements up to date to accommodate the new payroll tax legislation regarding restraint of trade?<\/em> <\/strong>Will other dentists be staying on? How easy are they to replace, particularly in regional areas? What handover agreements are in place with the vendor dentist?<\/p>\n\n\n\n<p><strong><em>Who owns the premises? <\/em><\/strong>Very often the premises may be owned by the vendor dentist and rent is not paid at current market prices. This must be taken into account when making an offer on the practice. Is the building also for sale and should you purchase the freehold or would leasing be a better option?<\/p>\n\n\n\n<p>Poor wording in the sale contract may restrict your ability to claim a tax deduction for plant and equipment. This could cost you $10,000s in list deductions.&nbsp;<\/p>\n\n\n\n<p><strong>What about setting up your own dental practice from scratch? How does that compare to buying an existing practice? For more information on this topic, please scan the QR code for our FREE eBook.<\/strong><\/p>\n\n\n\n<p><strong>If you are considering starting or buying a dental practice, call Amalgam Advisors today on <a href=\"tel:1300 604 380\" target=\"_blank\" rel=\"noreferrer noopener\">1300 604 380 <\/a>to book your complementary consultation &amp; start the conversation.\u00a0<\/strong><\/p>\n\n\n\n<p><strong><a href=\"http:\/\/www.amalgam.com.au\" target=\"_blank\" rel=\"noreferrer noopener\">www.amalgam.com.au<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This article is sponsored content brought to you by Amalgam Advisors. It is a\u00a0common occurrence for a dentist to experience that light bulb moment of \u201cWouldn\u2019t it be nice\u00a0if I could own my own dental practice.\u201d\u00a0 At this point, you need to start getting the right advice. A specialist dental accounting team is essential when [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":36738,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[22152],"tags":[25550,25549,22856,25183],"class_list":{"0":"post-36737","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-practice-startup","8":"tag-accounting","9":"tag-amalgam-advisors","10":"tag-buying-a-dental-practice","11":"tag-practice-finance"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.9 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Thinking of Buying a Dental Practice? - Bite Magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bitemagazine.com.au\/thinking-of-buying-a-dental-practice\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thinking of Buying a Dental Practice?\" \/>\n<meta property=\"og:description\" content=\"This article is sponsored content brought to you by Amalgam Advisors. It is a\u00a0common occurrence for a dentist to experience that light bulb moment of \u201cWouldn\u2019t it be nice\u00a0if I could own my own dental practice.\u201d\u00a0 At this point, you need to start getting the right advice. 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It is a\u00a0common occurrence for a dentist to experience that light bulb moment of \u201cWouldn\u2019t it be nice\u00a0if I could own my own dental practice.\u201d\u00a0 At this point, you need to start getting the right advice. 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